By
Chimamanda U. Martha
April 25th, 2024
As part of its expansion of global customer-base, Ripple Labs has added five new clients to its RippleNet Cloud solutions which give banks and financial institutions a possibility to offer payment services using the RippleNet network.
San Francisco-based blockchain startup Ripple has added five new clients to its cross-border payments network – RippleNet. The company said that all five clients will be using its newly-released cloud-based platform RippleNet Cloud. The RippleNet Cloud is also the company’s innovative move to allow banks and financial institutions to leverage Ripple’s Network without the need to have additional hardware. The five new clients in Ripple’s kitty include OrbitRemit, BCRemit, SpotOn Money, Lulu International Exchange, and Topremit.
These new clients will leverage Ripple’s XRP remittance platform On-Demand Liquidity (ODL) as well as its payment messaging system. Ripple has a total of 17 customers using its RippleNet Cloud solutions. Ripple’s Managing Director for South Asia and MENA region, Navin Gupta, has confirmed Ripple’s new milestone. At a recent conference by a law firm, Gupta said:
“As some of you may already know, we (Ripple) are one of the world’s largest blockchain companies in production. We have about 350 financial institutions that use our technology every day.”
Brazilian bank Banco Rendimento was one of the first customers to completely migrate to RippleNet Cloud solutions. Speaking on this transition, Jacques Zylbergeld, FX Superintendent at the Brazilian-based Banco Rendimento, said:
“Migrating our payment infrastructure to RippleNet Cloud allows us to provide our customers with a best-in-class experience. Customers can now enjoy more transparency and easier navigation for both submitting payments and trading. RippleNet also allows us access to global partners, offering a standardized solution, and ensuring the integration and onboarding processes are seamless.”
With Growing Number of Clients, Ripple in CNBC’s Top 50 Disruptive Companies in 2020
Another positive news for Ripple is that it has been featured in CNBC’s list of the “50 disruptive companies of 2020”. CNBC has created this list by including companies that involve education, cybersecurity, fintech, logistics, health, and others. Upon releasing the list, CNBC stated:
“The start-ups making the 2020 Disruptor list are at the epicenter of a world-changing in previously unimaginable ways”.
Ripple CEO Brad Garlinghouse congratulated the Ripple team for attaining this new milestone.
Proud of team @Ripple, always https://t.co/FcNJYppwU3
— Brad Garlinghouse (@bgarlinghouse) June 16, 2020
Former CFTC chairman Chris Giancarlo has given a green signal whether or not XRP shall be treated as a security. Giancarlo said that Ripple Labs hasn’t violated any U.S. securities regulations and thus XRP is similar to Bitcoin and Ethereum.
“XRP should not be regulated as a security but instead considered a currency or a medium of exchange,” he wrote. Giancarlo also stated that Ripple never promised investors some returns during the XRP IPO. Besides, he also said that no formal contracts exist between Ripple Labs and XRP token holders.